TLDR Tech / Crypto
Warren Challenges OCC Over Nine Crypto Trust Bank Charter Approvals
Sen. Elizabeth Warren (D-MA) sent a formal demand to OCC Comptroller Jonathan Gould challenging nine national trust bank charter approvals granted under the Trump administration to Coinbase, Circle, Ripple, Paxos, BitGo, Fidelity, Crypto.com, Stripe, and Protego, arguing the approvals violate the National Bank Act. Warren contends the firms are structuring their charters around non-fiduciary custody, payment facilitation, lending, and stablecoin activities that functionally replicate deposit-taking, which falls outside the narrower scope of trust company operations and the reduced oversight framework that accompanies them. The charter push accelerated after the GENIUS Act passed in July 2025, giving crypto firms a regulatory pathway to issue, redeem, and custody stablecoins under OCC jurisdiction rather than state-level oversight. Warren also pressed Gould to pause review of World Liberty Financial's pending charter, citing the UAE's $500 million stake in the firm, unresolved Trump family financial conflicts, and Gould's own conflict of interest as a presidential appointee.
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